The highs and lows aren't as significant as where you are in the Wave Count, which is analogous to looking at the Trees in The Forest.

I'm not really concerned about the HEIGHT of the Trees.
What is relevevant are the TYPES of the Trees.

There are IMPULSE WAVES and there are CORRECTIVE WAVES. which consist of 3 smaller waves. The current decline off the highs looks like a CORRECTIVE sequence to me, one that has further to go on the downside, hence this is just a bounce in an overall downtrend.